Question for the Money Doctors

Question submitted on Apr 6, 2012.

Question

I am a 29 year old male/student, who is really trying to get there life together. I barely make enough to cover the bills that I have let alone try to repay the debt that I have already accumualted. I have been thinking about filing for bankruptcy. Would I like to pay everything off, yes but as I stated before I can barely pay the bills I have now. If you could maybe help make a map or suggest some type of strategy I would greatly appreciate it.

Answer

You should prepare a list of all your outstanding debts, including the monthly minimum payment and the interest rate for each. Check with the financial aid office at your school to see if they offer financial counseling. If you have student loans, you may be able to consolidate them and stretch the payments out and/or defer payments altogether until your schooling is completed.